2024-25 NRAS Market Rent Index and NRAS Incentive figures
The Department of Social Services (DSS) has released the NRAS Market Rent Index for the 2024-25 NRAS year, commencing 1 May 2024.
The market value rent is assessed against the NRAS market rent index annually and rounded up to the nearest whole dollar. Once the market value rent has been determined, the maximum permissible NRAS rent charged can be calculated by reducing the market value rent by 20 per cent.
The 2024-25 NRAS market index for each state is detailed below:
| Jurisdiction | Percentage change from corresponding quarter of previous year - Dec 2023 |
|---|---|
| Sydney / New South Wales | 8.5 |
| Melbourne / Victoria | 6.0 |
| Brisbane / Queensland | 8.4 |
| Adelaide / South Australia | 5.8 |
| Perth / Western Australia | 8.9 |
| Hobart / Tasmania | -0.4 |
| Darwin / Northern Territory | 4.5 |
| Canberra / Australian Capital Territory | 2.4 |
The updated NRAS market and maximum rents will apply from the anniversary date of your NRAS allocation, but the application and timing of any increase must be considered in accordance with state or territory residential tenancy regulations.
Your property manager will be able to assist you with the applicable rent updates for your dwelling.
The Department of Social Services has also released the NRAS Incentive values for the 2024-25 NRAS year, effective from the NRAS year commencing 1 May 2024. The 2024-25 incentive amount is a 7.3% increase on the previous NRAS year:
| Contributed by | Amount |
|---|---|
| Australian Government | $9,347.42 |
| State / Territory | $3,115.81 |
| Total | $12,463.23 |
Historic NRAS Incentive values and various Information Sheets can be found on the Department of Social Services website.